Legal Question in Real Estate Law in California

Foreclosures

Hello,

I am facing forclosures ( the mortgage co. has ask me for my finanical statements, i already didnt sign into a loan modifcation due to reages payments, $1500 plus $2400 cant manage that) i dont want to lose my house i owe $350K and its worth possibly $500K i dont want to sell, comtemplating BK13 but i want a 5 year plan ! what do i need to do? we have no other debt,( we had to pay off our cars,wife had decrease hours at work and now has gain full time status) i make $3000 amoth and wife makes $1200 amoth take home. whats the best solution to a bad situation ! our we doomed !


Asked on 8/07/07, 10:58 pm

2 Answers from Attorneys
Lyle Johnson Bedi and Johnson Attorneys at Law

Re: Foreclosures

You should consult with an attorney regarding a chapter 13. If the chapter 13 is not available you should list the house for sale. Better to sell it than lose at a foreclosure sale.

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Answered on 8/17/07, 10:02 pm
Anthony Roach Law Office of Anthony A. Roach

Re: Foreclosures

You have either lied about your income to get the loan, or you have one of those adjustable rate mortgages. (Please refer to the commercial with the woman with the monkey on her back for my opinions on someone obtaining an adjustable rate mortgage on their home.)

As I read your post, you have a $3,900 mortgage payment with monthly take home of $4,200. This means you must be subsisting on peanut butter and ramen noodles.

I suggest you attempt refinancing or short sale.

Very truly yours,

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Answered on 8/08/07, 12:00 pm


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